Shettima credits CBN interventions for stabilising naira amid Tinubu administration’s 1,000 days
Nigeria’s Vice President, Kashim Shettima, has attributed the stability of the country’s currency to the timely interventions of the Central Bank of Nigeria (CBN), warning that the naira could have depreciated to as low as N1,000 to the dollar within weeks if corrective measures had not been implemented.
Shettima made the remarks while reflecting on the economic reforms initiated by the administration of President Bola Tinubu, as the government marked its first 1,000 days in office.
The Vice President highlighted that the administration deliberately pursued “difficult but necessary” reforms to address long-standing structural distortions in the economy and restore fiscal credibility.
“Last weekend marked the Tinubu administration’s 1,000 days in office.
”From the start, our administration chose the path of honesty and discipline; we confronted deep-seated structural distortions,” Shettima said.
He explained that these reforms have begun to yield tangible improvements, including the stabilisation of the naira, easing of price pressures, and strengthened investor confidence.
“In doing so, we’ve restored fiscal credibility, stabilised the economy, and set the foundation for long-term economic growth,” he added.
Shettima pointed to early indicators suggesting the policies are producing positive outcomes across key economic metrics.
“Today, we’re seeing clear signs that our reforms are yielding results; inflationary prices are moderating, fuel prices are easing, and our currency is strong and stable,” he noted.
The Vice President emphasized the importance of policy discipline and coordination between fiscal and monetary authorities in safeguarding macroeconomic stability and preventing a sharper decline in the naira.
As Nigeria approaches the next phase of economic reforms, Shettima reaffirmed the administration’s commitment to sustaining stability, attracting investment, and fostering conditions for inclusive growth.
The Vice President’s remarks underscore the government’s ongoing narrative that the Tinubu administration’s combination of fiscal prudence, monetary interventions, and structural reforms has played a pivotal role in maintaining economic stability amid global and domestic challenges.
